Economic Crisis in Africa: Perspectives on Policy Responses

By Magnus Blomström; Mats Lundahl | Go to book overview

13

ANGOLA ON THE VERGE OF ECONOMIC REFORMS

Renato Aguilar and Mario Zejan*


INTRODUCTION

At the end of 1990 the Angolan economy was in very bad shape. The currency was enormously overvalued, and the price system widely distorted with a strong bias against production and agriculture, and for urban consumption. Public finances were in disarray. They depended on highly-variable oil-related incomes. There was a large deficit. Non-oil production was decreasing sharply and non-oil exports were ruined. Other signs of economic disruption were the economic isolation of rural areas, demonetization of the economy and deterioration of public services and the infrastructure. The future economic viability of the country is in balance.

There are several reasons for this situation. The costs associated with the war of independence and those due to the colonial legacy are to blame for some of the economic problems. The on-going civil war and international intervention have also contributed to the present economic situation. However, the economic policies pursued by the Angolan government have aggravated the effects of war. For example, the overvalued currency and distorted price system have helped buttress the isolation of the rural areas caused by the military conflict.

It was increasingly clear that the Angolan government had to do something drastic in the field of economic policy. But it was also apparent that the government had difficulties in implementing reforms. Since the creation of the SEF (Programa de Saneamento Económico e Financeiro) in 1987, a couple of policy packages had been announced but never implemented. Several policy packages had been discussed with the international financial community, the World Bank and the International Monetary Fund (IMF). Broad agreement had been reached regarding what should be done.

At the end of September 1990 the government announced a strong reform programme which was aimed at stabilizing the economy. The aim of this article is to present Angola’s economic situation as of September 1990, to discuss the economic policy alternatives open to the government at that time, and to asses the possible outcome of the recently-introduced policy package.

-249-

Notes for this page

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Project items

Items saved from this book

This book has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this book

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this page

Cited page

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited page

Bookmark this page
Economic Crisis in Africa: Perspectives on Policy Responses
Settings

Settings

Typeface
Text size Smaller Larger
Search within

Search within this book

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Full screen
/ 354

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited passage

Welcome to the new Questia Reader

The Questia Reader has been updated to provide you with an even better online reading experience.  It is now 100% Responsive, which means you can read our books and articles on any sized device you wish.  All of your favorite tools like notes, highlights, and citations are still here, but the way you select text has been updated to be easier to use, especially on touchscreen devices.  Here's how:

1. Click or tap the first word you want to select.
2. Click or tap the last word you want to select.

OK, got it!

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.